India Oil Minister: Fuel demand shows recovery in June

Eren Sengezer FXStreet

India's oil minister noted on Tuesday that the fuel demand is showing recovery in June. "We are confident that by the end of 2021, the fuel demand will recover to pre-pandemic levels," the minister added.

Market reaction

These comments don't seem to be having a noticeable impact on crude oil prices. The barrel of West Texas Intermediate (WTI), which lost 1.65% after climbing to multi-month highs on Monday, is currently down 0.42% at $71.48.

Later in the session, the American Petroleum Institute's (API) will release the Weekly Crude Oil Stock data.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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